Mattel 1998 Annual Report Download - page 36

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Mattel, Inc. and Subsidiaries 34
Consolidated Statements of Operations
For the Year
(In thousands, except per share amounts) 1998 1997 1996
Net Sales $4,781,892 $4,834,616 $4,535,332
Cost of sales 2,418,899 2,434,616 2,315,574
Gross Profit 2,362,993 2,400,000 2,219,758
Advertising and promotion expenses 813,293 779,139 778,919
Other selling and administrative expenses 882,127 796,952 772,335
Amortization of intangibles 41,929 32,179 32,489
Special charges 44,000 - -
Restructuring and integration charges - 275,000 -
Interest expense 110,833 90,130 100,226
Other expense (income), net 5,748 1,518 (967)
Income Before Income Taxes and Extraordinary Item 465,063 425,082 536,756
Provision for income taxes 132,799 135,288 164,532
Income Before Extraordinary Item 332,264 289,794 372,224
Extraordinary item - loss on early retirement of debt - (4,610) -
Net Income 332,264 285,184 372,224
Preferred stock dividend requirements 7,960 10,505 7,391
Net Income Applicable to Common Shares $ 324,304 $ 274,679 $ 364,833
Basic Income Per Common Share
Income before extraordinary item $ 1.11 $ 0.96 $ 1.26
Extraordinary item - loss on early retirement of debt - (0.01) -
Net income $ 1.11 $ 0.95 $ 1.26
Weighted average number of common shares 291,481 290,450 290,393
Diluted Income Per Common Share
Income before extraordinary item $ 1.10 $ 0.94 $ 1.23
Extraordinary item - loss on early retirement of debt - (0.01) -
Net income $ 1.10 $ 0.93 $ 1.23
Weighted average number of common and common equivalent shares 303,243 295,653 303,057
Dividends Declared Per Common Share $ 0.31 $ 0.27 $ 0.24
The accompanying notes are an integral part of these statements.
Consolidated results for 1997 and 1996 have been restated retroactively for the effects of the March 1997 merger with Tyco, accounted for as a pooling of interests. See Note 7.